58 | AWARDS for Excellence 2010 OPP AWARDS
Currencies Direct operates in three key areas:
1. International payments and foreign exchange solutions for business; 2. International payments and foreign exchange for private individuals; 3. Affi liates and partners programme.
Established in 1996, Currencies Direct was the fi rst company to off er a non-bank solution for private individuals and small businesses looking to save money on their overseas payments.
14 years later the company has grown exponentially. It has a Head Offi ce in Moorgate, City of London with offi ces overseas in Spain, South Africa, India and Canada and more to come.
The turnover has grown to £1.1bn and the company currently has more than 150 staff worldwide.
Chairman Mayank Patel has always been a strong supporter of charitable causes and over the past decade our staff -supported CSR programme has raised tens of thousands of pounds for the less fortunate.
Best Currency Company. Bronze Medal Winner:
Currencies Direct.
Currencies Direct always puts the customer fi rst, it says, “to deliver a service that incorporates foreign exchange, payment and risk solution needs.” Exchange rates “Currencies Direct offers the best and most competitive exchange rates compared with the banks,” it says. “We are also highly competitive against other currency providers. The augmented benefi ts of this
service include free transfers over £5,000, no receiving fees at many overseas banks and no commission. We provide face-to-face service in all of our offi ces overseas.” Customer service “We are well aware that without our customers, our business would not exist. After 14 years of established specialist experience in currency we have gained over 250,000 customers and an effi cient service with 94% of payment transfers on time, matched with an assurance that our customers’ interest remains at the forefront of all our objectives. We offer a tailored and personalised account service to each individual customer without the use of call centres or voice operated software.” “Each individual corporate or private
client is offered payment solutions to minimise exchange risks related to their international payments, with the added benefi ts of our client meeting face-to-face in any of our offi ces overseas across 5 countries. The added value includes
a broad range of features such as a free payment tracking system through the SWIFT network and currency pre-paid cards to all our customers.” Marketing “We continuously aim to understand the needs of our customers through the feedback they provide us in questionnaires, surveys and informal talks. Using this information we create products and services aligned to our customers’ needs.
Our website is simple, jargon free and mirrors the energy, enthusiasm as well as passion of our service. The website accounts for 80% of our marketing strategy.” Breadth and depth of service Headquartered in the City of London, Currencies Direct reports immediately on currency trends. Director of Dealing, Mark O’Sullivan, regularly features on news broadcast channels such as the BBC, CNBC, and Bloomberg as well as in specialist newspapers such as the Financial Times. “Our core business offers solutions
for people who want to: buy/sell property, make special gift purchases, regular transfers, pensions, retirement, emigration, holiday money, pay bills, study abroad and salaries,” says CD. “We also offer international
payments for companies who import or export from overseas via
www.opp.org.uk |MARCH 2011
spot payments, forward contracts, telegraphic transfers, foreign currency drafts, VAT refund services, pre-paid currency cards, rate watch, holiday money and market commentaries. We are constantly scanning the market for other products and services which will help to create ‘money without frontiers’ for our customers.” Referral schemes and referral support
CD promotes its services through a network of partners. They see it as a business partnership. For instance, it says:“if our affi liates have clients who need to send money abroad, by partnering with us, these affi liates are able to add value to their own service and create an additional revenue stream for themselves.”
The business has a network of more than 2,500 partners with “access to a range of online tools such as banners and widgets which they can effortlessly upload to their website.”
And just to underline how all of this
effort does not go unrecognised, says CD “ our clients provide referrals both in the corporate and private sector. In fact 35% of our business comes from existing clients.”
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